Doubletrouble's Journal

Discussion in 'Journals' started by doubletrouble, Oct 12, 2009.

  1. Today is the kinda of day I'm dreading.
    Prematurely exiting a good trade leading to me trying more losing trades.

    Opening was very strong and long and I zoomed in to smaller TF to try to catch retracement. Went long on DIA and SPY. Minimal pullback and did not fill my entire position. Was around 0.5R each. Anyway prices continued up and I'm in the green. I'm now looking at my usual TF and there comes this pseudo reversal.

    I repeat to myself thats i'm gg to wait till i see a more convincing move to short but i think my mouth was talking but my ears were not listening properly. Turns out my initial judgment was right as it was just a consolidation pause to suck in the shorts(like me) before further continuation. No obvious reversal ever resulted.

    I took the an aggresive short in QQQQ and SPY and exited my longs in DIA and SPY. Price was in limbo for quite a while before I was stopped out. Reshorted at higher levels again twice more for QQQQ. Stopped again and max loss triggered.

    So the only mechanism I have now to counter these losing days is my max loss which is a very crude and inefficient method. But it is a vaildation of my discipline that I respected the max stop. Sometime ago I would have continued shorting till the EOD against the trend.

    -336
     
    #11     Nov 9, 2009